(1) If a Tennessee credit union is aggrieved by a decision or order of the corporation or the commissioner, or if the corporation is aggrieved by a decision or order of the commissioner or of a supervisory agency, the Tennessee credit union or corporation shall, upon appropriate petition and after due notice, be entitled to a hearing and administrative review by the Tennessee credit union board of appeals, which may stay enforcement of the decisions or orders pending administrative review.
(2) The Tennessee credit union board of appeals shall consist of three (3) members: the commissioner or the commissioner's appointee; one (1) appointee of the corporation; and one (1) appointee of the attorney general and reporter. Directors, officers, and employees of the corporation shall be ineligible to serve on the Tennessee credit union board of appeals. The Tennessee credit union board of appeals shall enact reasonable bylaws and rules of procedure necessary to provide for administrative review.
(3) Judicial review of decisions or orders of the corporation shall not be available unless the aggrieved party has sought administrative review under this section, and a final decision has been made by the credit union board of appeals.
(4) Any action for judicial review shall be pursuant to § 27-8-101 solely upon the record of the board of appeals and shall be brought in a court of general or equity jurisdiction, without the intervention of a jury, within six (6) months after the date of final decision of the credit union board of appeals, and shall be brought only in Hamilton County.